Rhode Island pension officials aim to divest $585M from seven underperforming hedge funds

PROVIDENCE, R.I. — The Rhode Island pension system Wednesday identified $585 million worth of assets in seven hedge funds that it will dump as it strategically moves away from the controversial investments.

The pension's $7.7-billion portfolio currently includes investments in 18 separate hedge funds that, as a group, have underperformed expectations. General Treasurer Seth Magaziner last month announced that he would jettison more than half the state's bets on hedge funds.

The pension expects to redeem "the majority" of the $585 million by July 1, 2017, according to a news release from Magaziner.

The seven hedge funds the state is leaving are: Ascend Capital, Brevan Howard, Brigade Capital Management, Emerging Sovereign Group (formerly Carlyle Group), Partner Fund Management, Samlyn Capital, and Och-Ziff Capital Management.

Read more: http://www.providencejournal.com/news/20161026/ri-pension-officials-aim-to-divest-585m-from-seven-underperforming-hedge-funds